EVEN as a medical student Robin Knox showed promise as an entrepreneur, by setting up a file-sharing forum.
And, after realising he didn't want to be a doctor, a stint in the nightclub industry inspired the Edinburgh-based businessman to become his own boss.
From there he set up an indoor paintball centre, before moving into the capital’s buzzing tech sector.
“The seven years in paintballing taught me a lot about business models,” explains the 31-year-old. “We took these lessons and launched Intelligent Point of Sale (IPOS), a tablet-based till system.
“We realised how important scalability is to any business model. We could serve the world using a piece of software with no real cost attached other than a hosting fee. We also saw that that the model had the potential to work whether the wider economy was doing well or badly and realised it was good to have a recurring revenue stream that constantly added to the customer base.
“The paintball business cost £110,000 to open – we started IPOS with a £5,000 loan from the Princes Trust.”
The new approach certainly paid off – Mr Knox and his business partner, Paul Walton, sold IPOS to Swedish mobile payments company iZettle in 2016. Not long after, iZettle was bought by tech giant PayPal for £1.7 billion.
The duo is about to bring another digital product to market, a smart home alarm system called Boundary, and believe they can attract 100,000 customers over the next four years.
“It’s been another huge learning curve for us,” says Mr Knox. “We’ve found ourselves designing hardware and software. The idea initially came from my frustration at not being able to properly monitor my home when I was on holiday and in a different time zone. Our system will be certified to British and European standards for a police response, and we aim to bring the starter kit in at under £199.
“Paul and I are putting in our own money and we’re hoping to raise funding from previous investors. Lots of great things are happening in Edinburgh right now, attracting investors from London and overseas. It feels like the right place to be.”
Indeed, as well as starting a new tech business of his own, the Buckinghamshire-born entrepreneur supports others with the Seed Haus Tech Accelerator initiative he set up in Edinburgh with fellow young businessman Calum Forsyth, matching first-stage start-ups with investors.
Though he admits the financial pressures of being your own boss can be stressful, Mr Knox says the challenge is personally as well as professionally rewarding.
“Whether it’s a paintball centre, an online till or a digital alarm system, the best thing is making something that people want to buy,” he says.
“You get to build a team, which becomes like a second family. I’ve had a few rubbish bosses in my time and I like creating a fun environment to work, watching people develop and have a say in the direction of the business.
“Throwing out the rules and going back to first principles is really exciting.”
Mr Knox believes young people have a different outlook.
“For Millennials it’s not all about work,” he explains. “My business is like a hobby in that it’s fun and doesn’t really feel like work.
“It’s easier than ever to start a business. There is so much information out there – you can find the answer to almost anything on Google.
“If you really want to run your own business, go for it. Don’t get to the end of your life and regret not having done it.
“Trusting your instincts is really important. There are times when I’ve agonised over business issues and perhaps questioned myself too much.
“You live and die by your own decisions so you have to be able to trust yourself.”
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